QATAR: First Energy Investment in Greece… QPI buys 25pc stake in Greek power plant

The Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada posing for a group picture after the signing ceremony yesterday. Salim Matramkot

Qatar Petroleum International (QPI) signed an agreement with the Greek Company GEK TERNA to acquire 25 percent of share in its Heron II Power Plant. The partnership signals QPI’s first investment in Greece.

Heron II is a 435 MW combined cycle gas turbine (CCGT) environmental friendly power plant with reduced fuel consumption and lower CO2 emission. GEK TERNA is a leading company that is listed in the ASE with total assets of $3.5bn and annual turnover of close to $1bn.

It actively operates in power production, electricity supply, natural gas and LNG, construction and real estate across Europe, Mena and USA. Its subsidiary “QENERGY Europe” holds a direct agreement with RasGas for LNG supply to Greece.

The agreement was signed here yesterday in the presence of H E Dr Mohammed bin Saleh Al-Sada, Minister of Energy and Industry, by Nasser Al Jaidah, CEO of QPI, and George Peristeris, CEO of GEK TERNA Group. The signing ceremony was also attended by Sheikh Saoud bin Abdulrahman Al Thani, Executive Director for Gas and Power at QPI, and Dr Theodore Theodoropoulos, Managing Director of QENERGY Europe.

Al Sada said: “This agreement marks special significance as it kicks off QPI’s major efforts in terms of investment in power sector in the next two years.”

The move comes as part of QPI’s mission to drive Qatar’s global diversification, expansion, and investment.  Through this and other such strategic partnerships and ventures, QPI endeavors to continue to cooperate with energy players worldwide, in line with its position as an international energy investor.

“This agreement is just one example of Qatar’s standing as a global energy supplier, and its commitment to bring energy to power plants, factories, households, and other facilities across the world, and to ensure better living standards for all.  I am optimistic that this partnership will deliver all this and much more,” Dr Al Sada added.

Nasser Al Jaidah, CEO of QPI, said: “We are very pleased to be entering into a new and strategic partnership with GEK TERNA.  Both our companies are dedicated to a high level of professionalism and integrity, and the strong synergistic fit between both parties provides an ideal opportunity for a highly effective strategic alliance.”

Sheikh Saoud bin Abdulrahman Al-Thani, Executive Director for Gas and Power at QPI, said: “This is our first acquisition of an existing power generation asset. QPI is constantly seeking to forge partnerships with leading companies to continue to compete, perform and succeed globally.  We are confident that we can achieve similar success with new partners.”

George Peristeris, CEO of GEK TERNA Group, said: “This is a milestone, not only for our company but also for Greece, as it is the first time that a Qatari State Company and one of the top global players invests directly in a Greek energy asset. I hope that it will be the first stage of establishing a sustainable and fruitful partnership. I would like to thank everyone involved from both parties for their dedication and professionalism and especially Dr. Theodore Theodoropoulos, Managing Director of QENERGY Europe, which is a subsidiary of GEK TERNA”.

Reported by: Caye Global News, Peninsula

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